In 2013, the financial balance of the general government was 37.1 billion ISK in deficit or 2.1% of GDP, which can be compared with a deficit of 3.8% of GDP for 2012. The reduced deficit in 2013 can be explained by 6.6% increase in revenue and 2.6% increase in expenditure.
The general government total revenue amounted to 44.2% of GDP in 2013, compared with 43.6% in 2012 and 41.8% in 2010. The general government total expenditure amounted to 46.3% of GDP in 2013 compared with 47.4% in 2012.
Source: Statistics Iceland